Ascona Growth Plan comes to fruition.
Our expansion plans are certainly coming to fruition, and our strategic partners Nash & Co Capital Ltd (www.nashcapitalgroup.com) and ThinCats Group (www.thincats.com) are proving that they have the appetite, belief and acumen to grasp the vision we have set down for the future of the Group.
An initial equity stake of £2.4m married to £7m of structured debt was the fuel catapulting the Group to No.26 in the Forecourt Trader Top 50 independent petrol retailers in the UK.
Our phenomenal and exponential growth this past year will see us grow to 16 sites with turnover increasing to £85m by the end of March 2019.
With our financing facility, through both Nash & Co and ThinCats, our well-structured growth plans will see us expand to 40 sites nationwide by the end of this year with annual sales revenues predicted to exceed £150m.
We had initially planned and agreed on a relationship with a traditional lender, but despite the sector experience and reliable reputation of management, high street banks couldn’t fit such exciting accelerated growth into their rigid processes.
Frustrated we turned to London markets and offers of support for our plans from various institutions but settled on the pragmatic and partnership approach offered by ThinCats who worked quickly to provide a bespoke credit-backed growth facility aligned to our strategy.
With professional support services to deliver this deal including Broomfield Alexander Accountants in Cardiff, Morgan LaRoche Solicitors in Swansea and Price & Kelway Solicitors in Milford Haven the process was concluded swiftly and efficiently.
“From the outset, ThinCats was committed to supporting our accelerated growth plans. ThinCats have set out to challenge the lethargy and inflexibility that exists from traditional business lending providers. By assessing opportunities from a bespoke lending perspective, rather than ticking boxes in a rigid format, they can support ambitious and well-structured businesses to achieve their objectives. By the end of this year, we predict that our annual sales will have grown circa 3000% over just 24 months. I am delighted to be sharing our growth strategy with our funding partners and developing our relationship further.”- Our MD Barren Briggs
“As a Group, we continue to challenge the traditions and norms of the sector and focus on driving maximum value from our operational assets while offering a fresh and transparent approach to transactions in the sector.”- Our FD Shane Higgon
“Identifying and releasing latent value in the PFS sector is the core of our strategy, and we have a strong pipeline secured for our future growth targets.- Our PD Duncan Morris
We have moved onto the next tranche of funding. Watch this space for the next round of acquisitions over the coming months.
Ascona Group Holdings Board - March 2019.